8: Chamapesa Blockchain Solution for Savings Co-Operatives
In Africa and much of the developing world, most people shun banks owing to their cost, incompetence and corruption. So to save, invest and lend money, they form groups of trusted close-knit family and friends. In Kenya, these groups are called Chama. They've existed in one shape or another for millennia and there are now thousands. In Kenya, they're responsible for financing the transport network and in whichever country they are, they help much of the local economy grow. But they have a problem. They use rudimentary paper-based, old fashioned accounting techniques. This limits how quickly they develop and the opportunities to trade between each other across large distances. Queue Chamapesa's Blockchain solution for Chamas. Listen to Ken Griffiths explain how using Blockchain, Chamas can both improve their record keeping, as well as connect with Chamas and similar organisations to pool resources for more disparate and larger investments. Access to capital, advice and opportunities can be flung open with diaspora around the World, who can send money from abroad to invest or lend at near zero fees using cryptocurrency. This podcast does not provide investment advice. It merely asks the question: will Chamapesa come to dominate blockchain co-operative accounting - and we ask will this new market niche grow fast. To know the answer, invest 25 minutes listening to this podcast episode.